Ethereum Traditional (ETC) accelerator Ethereum Traditional Labs introduced a plan to guard the blockchain from additional assaults.
On Aug. 19 the group proposed taking speedy motion in implementing long-term modifications to the community structure over the subsequent three to 6 months. The accelerator determined to focus their efforts on bettering the community’s safety after recent attacks on the blockchain.
The speedy measures proposed by Ethereum Traditional Labs embrace a “defensive mining” cooperation with mining swimming pools and miners to keep up a constant hashrate and achieve the flexibility to extend it when wanted. The next hashrate would render a 51% assault in opposition to the community costlier to carry out.
Ethereum Traditional Labs additionally intends to deploy superior community monitoring to determine anomalies affecting the Ethereum Traditional blockchain and spikes in hash charge. Different brief time period measures embrace collaboration with crypto exchanges on whitelisting addresses and setting protected transaction affirmation occasions in addition to deploying a finality arbitration system meant to inhibit chain reorganization.
The long-term options proposed embrace growing 51% resistance with a tough fork which might create “checkpoints” past which reorganization couldn’t be achieved, and altering to a brand new proof-of-work mining algorithm. Moreover, the accelerator additionally prompt making a treasury system, however famous that such an endeavor would want neighborhood approval.
As Cointelegraph reported on Aug. 1, the Ethereum Traditional community noticed a blockchain reorganization which modified 3,693 blocks price of transaction historical past. Subsequent stories confirmed that the reorganization was the truth is a malicious assault which resulted in about $5.6 million price of the cryptocurrency being double-spent.
Only a few days later, Ethereum Traditional suffered from one other 51% assault, which resulted in over 4,000 blocks being reorganized.